Elon Musk throws another $54 million behind Trump and the GOP

10/25/2024 22:21
Elon Musk throws another $54 million behind Trump and the GOP

There are few if any limits that Tesla CEO Elon Musk has on putting his own money behind his political efforts, according to the last campaign finance documents available before Election Day.

There are few if any limits on the money that Tesla (TSLA) CEO Elon Musk is willing to devote to his political efforts, according to new campaign finance documents.

The world's richest man added donations totaling $43.6 million to his super PAC in early October, according to the report, while disclosing another $10 million to help GOP Senate candidates.

His total known spending this year is now nearing $130 million.

The final campaign finance filings available before Election Day also solidified another trend that has defined the 2024 money race: a Kamala Harris campaign that continues to far outpace Donald Trump's organization among smaller donors.

Her campaign reported a windfall of $97 million in the first half of October to the Trump's campaign $16 million.

It sets up a key contrast for the last 11 days of the 2024 campaign, with the formal operation behind Harris showing a clear advantage but with Trump looking to make up much of the difference with his array of billionaire allies.

PITTSBURGH, PENNSYLVANIA - OCTOBER 20: SpaceX and Tesla founder Elon Musk speaks at a town hall with Republican candidate U.S. Senate Dave McCormick at the Roxain Theater on October 20, 2024 in Pittsburgh, Pennsylvania. Musk also awarded an attendee $1 million dollars during the event. Musk has donated more than $75 million to America PAC, which he co-founded with fellow Silicon Valley venture capitalists and tech businessmen to support Republican presidential nominee, former U.S. President Donald Trump. (Photo by Michael Swensen/Getty Images)

Elon Musk waves a towel while speaking at a town hall in Pittsburgh on Oct. 20. (Michael Swensen/Getty Images) · Michael Swensen via Getty Images

Musk is now, according to the latest public data, the second most generous GOP donor this cycle and will remain central to Trump's election efforts in the run-up to Nov. 5.

The businessman crossed Pennsylvania in the last week and his involvement includes a massive canvassing operation as well as legally questionable million dollar daily giveaways to voters in return for supporting a petition that the PAC now says has over a million signatures.

Musk's PAC also reported late Thursday that is spent over $50 million dollars in that time period from Oct. 1 to Oct. 16.

Musk himself — outside of a brief foray for Tesla's earnings this week — also appears to be fully focusing his time on the campaign with a telephone town hall on tap for Friday evening to support Trump.

Musk also disclosed a $10 million check made on Oct. 1 to the main super PAC for Senate Republicans, controlled by allies of Senator Mitch McConnell.

PITTSBURGH, PENNSYLVANIA - OCTOBER 20: SpaceX and Tesla founder Elon Musk awarded Kristine Fishell with a $1 million check during the town hall at the Roxain Theater on October 20, 2024 in Pittsburgh, Pennsylvania. Musk has donated more than $75 million to America PAC, which he co-founded with fellow Silicon Valley venture capitalists and tech businessmen to support Republican presidential nominee, former U.S. President Donald Trump. (Photo by Michael Swensen/Getty Images)

Elon Musk awarded Kristine Fishell with a $1 million check during the town hall in Pittsburgh. (Michael Swensen/Getty Images) · Michael Swensen via Getty Images

The Musk focus comes amid questions about how much he will end up helping Trump.

A Yahoo Finance survey of more than 4,000 users found that slightly more respondents said Musk's prominence makes them less likely to vote for Trump (28%) versus those who say more likely (25%).

The result matches a recent poll from a left-leaning polling outfit called Blueprint that found a similar ratio on the same question. That poll also found that a potential message from Trump touting his friendship with Musk resonated the least with voters among the various messages tested.

The flurry around Musk also comes as the billionaire tries to combat recent headlines about his business dealings that could raise more questions with voters, including a Wall Street Journal report that Musk is in regular contact with Russian President Vladimir Putin.

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